Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Assistance topic
No spam. Unsubscribe anytime.
County to submit microenterprise grant program offering $25,000 awards to small businesses
Summary
Staff said the county will submit a microenterprise grant program application that would allow eligible small businesses (five employees or fewer) to receive up to $25,000, often packaged with a $15,000–$20,000 loan; applicants must meet income and environmental‑review rules.
County staff reminded the board that the microenterprise grant program had completed its public hearing and the county will submit the final application to the state. The program offers up to $25,000 in grant funds to qualifying small businesses (defined in the transcript as five employees or fewer, including the owner) and staff said the county prefers to package grants with small loans ("a 15 to $20,000 loan") to improve capitalization.
Eligibility rules discussed include household income limits and environmental review for projects that involve construction; staff described typical loan terms: the county has been doing loans at about 7.75% interest, which the presenter said is roughly a point and a half below bank rates for the target clients. The program will aim to support microbusinesses, including those in Hudson, and staff noted a proposed partnership with the Hudson Development Corporation to manage a loan fund under terms discussed in the presentation.
Board members asked clarifying questions about interest rates and fund management; staff said more details will be included in the final submission to the state and in program guidelines.
